RBI releases report on ‘Currency and Finance’ for the year 2022-23

Press Release: 2023-2024/172, Dated 03.05.2023

The RBI has released a report on Currency and Finance (RCF) for the year 2022-23. The report’s theme is “Towards a Greener Cleaner India”. The Report covers four major dimensions of climate change to assess future challenges to sustainable high growth in India, namely, the unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks.

The highlights of the report include India’s estimated green financing requirement of at least 2.5% of GDP annually till 2030. Further, India has embarked on a targeted and time-bound climate action plan to reduce carbon emissions and currently ranks the best amongst G-20 countries as per the Climate Change Performance Index, 2023.

Also, India’s goal of achieving the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by around 5 % annually and a significant improvement in its energy-mix in favour of renewables to around 80% by 2070-71.

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